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Albuquerque Home Buying Misconceptions

by Sandi Pressley

Are you ready to buy your first home in Albuquerque? If so, it can be an exciting time.  But times change, and some of the things that were true in the past about home buying are not true anymore.  There are also a number of misconceptions circulating that can confuse a home buyer, whether it’s your first home or your fifth.

What are some of the misconceptions of buying a home?

1. You need a 20% down payment to get a mortgage.

Many home buyers think you still need at least 20% down to get approved.  Yes that may have been true a few decades ago.  In fact, at one time only people with perfect credit and 20% - 50% down could buy a home.  That’s why the government created the Federal Housing Administration and offered “FHA Loans”. These days, the FHA will back a loan from a home buyer with a credit score as little as 500 and a 10% down payment. If your credit score is higher than 580, you only need 3.5% for a down payment! Certainly it’s easier to afford buying a house than it used to be.

2. You can save money by not using a real estate agent.

You simply can’t afford to not use an agent.  Yes they get a 3% commission.  But you’re not the one that pays that fee as a home buyer.  Instead it’s the seller who pays that fee and it’s part of the selling price. Don’t think you’re getting a discount by not using an agent, as they can help you get a lower price. They will also take care of all the paperwork, appraisals, inspections, and other matters that are part of the process. You need their expertise to guide you through this difficult transaction.

3. It’s cheaper to buy a home that needs a lot of renovating.

Sure we’ve all seen the TV shows where people buy an ugly home and turn it into their dream home. And sure they make it seem so easy.  But in the end, all of these repairs take time and money.  And usually the case is that people end up getting tired of all the renovations and don’t end up loving their new home. So if you need to tear down the walls to make a home look good, then perhaps you should find a better choice.

If you’re ready to buy your first home in Albuquerque, let us help you make it a reality.  We’re happy to answer any questions about the process and make sure you have the right information going into the home buying process. You can also search for your dream home now using our convenient home search tool. And make sure to follow us on Facebook for the latest real estate updates for Albuquerque and the surrounding areas.

HOT ALBUQUERQUE PROPERTY OF THE WEEK!

1011 Puebla Drive, Bernalillo, NM 87004

Immaculate one-story home in the much desired Santiago Subdivision. The natural sunlight from the skylights throughout makes this home bright and open, perfect for entertaining! This home is also handicap accessible with a 36'' wide door frames and 43'' hallway, entrance from the garage into the home with no steps for easy access. Spacious MB and bath featuring double sinks, garden tub, and separate shower with bench. Upgrades to include: Rain gutters, NEW Water Heater (2021), NEW REF A/C Unit (2021), NEW CARPET w/ plush padding (2021), NEW laundry room cabinets, and folding area, (CA Closets). Outside has a covered patio w/ a serene private setting, easy maintenance yard with turf, native plants, and 55 gallon vertical water barrel, and water feature.

Learn More!

Contact us today to help you buy or sell your next home in Albuquerque. Looking for the perfect home for sale in Albuquerque? Our easy-to-use home search tool can help you start the process. Join us twice a week on our blog for more real estate advice and great reasons to buy a home in Albuquerque and the surrounding area. Follow us on Facebook for the latest Albuquerque real estate updates.

Get your Morning Inspiration with the Sandi Pressley Team

4 First Time Home Buyer Mistakes to Avoid

by Sandi Pressley

If this is the first time buying a home in Albuquerque, no doubt you already feel the pressure of making wise decisions. This, after all, is one of the most important financial decisions you've made so far in your life. But don't worry, many people have bought a home before you ever thought about it, so we have a good idea of what to do and not to do. Let's take a look at some of the mistakes that first time home buyers have made and what we can learn from them.

Not Preparing Their Finances

Being financially ready to buy a home is really the first step in the process of buying s a home in Albuquerque. This is a step that should take place long before you start looking.

Make sure your credit score is accurate and strong enough to secure a lower interest loan. You also need to have a steady income and save enough for a down payment that will make a dent in the mortgage. You should also try to save money for an emergency fund that will cover unexpected expenses.

Next, you need to choose a good lender ad get preapproved for a lender. Finding a good lender is not always about who has the lowest interest rates. You need to make sure they're the right fit in other areas as well and educate yourself about the mortgage process. The more you know, the better chance you'll have of making wise decisions regarding your mortgage.

Getting Carried Away With Emotions

Have you ever played poker? Then no doubt you're familiar with the term "poker face." It means that you keep your emotions in check and don't give away your hand to the other players.

Buying a home is not so different. You need to keep your emotions at bay so that you can keep a clear head during the process. remember that this is a business transaction.

You especially want to keep that poker face during a bidding war. You may let your love of the home you want to buy in Albuquerque get the better of you, and then you're making bad decisions that you'll regret later.

Not Account for the Full Cost of Owning a Home

Remember that the purchase price of the home is just part of the total cost of owning a home in Albuquerque. Closing costs can be an unexpected surprise for first time buyers. Make sure that you discuss all the costs with an experienced agent like Sandi Pressley and her team. They can help you get a full perspective of all the costs you can expect when buying a home so that you're not caught off guard at the end of the process.

Not Looking "Under the Hood"

Like buying a car, a home can look pretty on the outside, but behind the walls there may be issues. Home sellers will make their home look as desirable as possible to win over sellers. And that's fine. But did they take care of hidden problems? This is why having a home inspected that you're serious about buying is such an important step. The money you spend on a good home inspector will save you a lot of pain and money later.

Make sure to join us twice a week on our blog for more real estate advice and great reasons to buy a home in Albuquerque and the surrounding area. Follow us on Facebook for the latest Albuquerque real estate updates. Looking for the perfect home for sale in Albuquerque? Our easy-to-use home search tool can help you start the process. Contact us today to help you buy or sell your next home in Albuquerque.

HOT HOME LISTING OF THE WEEK!

13501 Cedarbrook Avenue NE, Albuquerque, NM 87111  $525,000

4 Bedrooms / 3 Bathrooms (1 full, 2 half) / 3800 Square Feet

GORGEOUS Renovation in Peaceful Glenwood Hills! This turn-key home has it all! 3 Living Areas...3 Stone Fireplaces...Beautiful Beamed Ceilings....Tile & Stone floors throughout...Wet Bar...Atrium with tranquil water feature & goldfish pond...4 Bedrooms...Cedar Coat Closet...3 Car Garage...New Roof 2011...New Water Heaters 2017...New HVAC/Furnaces 2011. The amenities list is huge! Enjoy the oversized lot with both mountain & city views...backyard that's large enough to fit a pool...and additional gated parking for your travel trailer or toys.

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

 

 

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Common First Time Home Buying Misconceptions

by Sandi Pressley

Buying a home for the first time can be an exciting time in your life. However, there are misconceptions floating around that may give you cause for concern. Maybe you’ve heard things from family or friends that could deter you from buying your first home. But what was true about home buying years ago may not be the case today.  What are some of the misconceptions of buying a home?

  1. You need a 20% down payment to get a mortgage.

A few decades ago this was true. In fact, you needed almost perfect credit and had to pay 20% - 50% down for a mortgage.  To make it possible for more people to own a home, the government created the Federal Housing Administration and began offering “FHA Loans”. The FHA will now back a loan from a home buyer who only has a credit score of 500 and a 10% down payment. And for those with a better credit score of than 580, you only need 3.5% for a down payment! This is a big reason why more people can afford to buy a home today.

  1. You Can’t Qualify For a Mortgage With Student Loans

Having student debt doesn’t mean you can’t get a mortgage. Lenders look at your total debt-to-income ratio to see how much you make each month compared to all of your debt, no matter who you owe. So if you’re handling all of your debt responsibly and can still afford the payments, that’s what matters.

  1. You can save money by not using a real estate agent.

More people use a real estate agent today than ever before. You may think that agents are just out for the money. Sure they get paid for their services with a 3% commission.  But you don’t pay that fee as a home buyer.  Instead that fee is part of the selling price. Don’t be lured into thinking that you’ll save money by not using an agent. And don’t forget that they will also take care of all the paperwork, appraisals, inspections, and other matters that are part of the process. Imagine having to do all that by yourself. Let a professional with years of experience handle the process.

  1. It’s cheaper to buy a home that needs a lot of renovating.

Perhaps you’ve been inspired by TV shows that make it look like fixing up a house is the way to go. They make it almost look easy, but don’t be fooled. All of these repairs take time and money and in the end you may end up getting tired of all the renovations. So if you need to renovate the whole house to make it livable, it may not be the best choice.

Search for your dream home in Albuquerque with our easy to use home search. Check back on our blog every week for more real estate advice and local articles about living in Albuquerque. And make sure to follow us on Facebook for up to date real estate news for Albuquerque and surrounding areas.

HOT HOME LISTING OF THE WEEK!

6708 Baker Avenue NE, Albuquerque, NM 87109  $205,000

2 Bedrooms / 2 Bathrooms (1 full, 1 half) / 1529 Square Feet

Excellent location! 2BDR/2BA/plus office townhome in Los Trechos! Many updates! REFRIGERATED AIR! Updated furnace, water heater and ROOF! Updated stucco (2013) Two large bedrooms plus a beautiful built-in office addition with cabinets & desk. Light & bright atrium for plants! Bath features a therapy tub! Kitchen has bkfst nook and all appliances stay! Private patio can be accessed from the master bedroom and living room. Convenient location close to shopping, restaurants, parks and transportation!!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

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Photo of The Sandi Pressley Team Real Estate
The Sandi Pressley Team
Coldwell Banker Legacy
10400 Academy Rd. NE Suite 100
Albuquerque NM 87111
505-980-2999
505-263-2173 / 505 293-3700
Fax: 505-212-0729

Quick links to this site are also SandiSells.net or SandiSellsHomes.com